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Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and Porch Group, Inc. (PRCH). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $121.1M, roughly 1.8× Porch Group, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -3.9%, a 39.3% gap on every dollar of revenue. On growth, Porch Group, Inc. posted the faster year-over-year revenue change (100.0% vs 46.9%). Over the past eight quarters, Porch Group, Inc.'s revenue compounded faster (26.4% CAGR vs 24.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Porch is a website that tries to connect homeowners with local home improvement contractors. The site features advice articles, cost guide, and online booking for over 160 home projects.
INDB vs PRCH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $121.1M |
| Net Profit | $75.3M | $-4.7M |
| Gross Margin | — | 52.7% |
| Operating Margin | — | 34.7% |
| Net Margin | 35.5% | -3.9% |
| Revenue YoY | 46.9% | 100.0% |
| Net Profit YoY | 50.6% | 2.0% |
| EPS (diluted) | $1.51 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $121.1M | ||
| Q4 25 | $212.5M | $112.3M | ||
| Q3 25 | $203.3M | $115.1M | ||
| Q2 25 | $147.5M | $107.0M | ||
| Q1 25 | $145.5M | $84.5M | ||
| Q4 24 | $144.7M | $75.3M | ||
| Q3 24 | $141.7M | $77.7M | ||
| Q2 24 | $137.9M | $75.9M |
| Q1 26 | — | $-4.7M | ||
| Q4 25 | $75.3M | $-3.5M | ||
| Q3 25 | $34.3M | $-10.9M | ||
| Q2 25 | $51.1M | $2.6M | ||
| Q1 25 | $44.4M | $8.4M | ||
| Q4 24 | $50.0M | $30.5M | ||
| Q3 24 | $42.9M | $14.4M | ||
| Q2 24 | $51.3M | $-64.3M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | — | 99.5% | ||
| Q3 25 | — | 75.6% | ||
| Q2 25 | — | 70.9% | ||
| Q1 25 | — | 77.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 79.4% | ||
| Q2 24 | — | 22.1% |
| Q1 26 | — | 34.7% | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | 21.8% | 14.2% | ||
| Q2 25 | 44.6% | 4.7% | ||
| Q1 25 | 39.3% | -1.5% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | 39.0% | -3.2% | ||
| Q2 24 | 48.1% | -69.2% |
| Q1 26 | — | -3.9% | ||
| Q4 25 | 35.5% | -3.1% | ||
| Q3 25 | 16.8% | -9.4% | ||
| Q2 25 | 34.6% | 2.4% | ||
| Q1 25 | 30.5% | 9.9% | ||
| Q4 24 | 34.6% | 40.5% | ||
| Q3 24 | 30.3% | 18.5% | ||
| Q2 24 | 37.2% | -84.8% |
| Q1 26 | — | $-0.04 | ||
| Q4 25 | $1.51 | $0.00 | ||
| Q3 25 | $0.69 | $-0.10 | ||
| Q2 25 | $1.20 | $0.00 | ||
| Q1 25 | $1.04 | $0.07 | ||
| Q4 24 | $1.18 | $0.34 | ||
| Q3 24 | $1.01 | $0.12 | ||
| Q2 24 | $1.21 | $-0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $68.4M |
| Total DebtLower is stronger | — | $391.3M |
| Stockholders' EquityBook value | $3.6B | $26.3M |
| Total Assets | $24.9B | $806.6M |
| Debt / EquityLower = less leverage | — | 14.87× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $68.4M | ||
| Q4 25 | — | $57.3M | ||
| Q3 25 | — | $85.0M | ||
| Q2 25 | — | $79.8M | ||
| Q1 25 | — | $70.4M | ||
| Q4 24 | — | $191.7M | ||
| Q3 24 | — | $238.6M | ||
| Q2 24 | — | $308.4M |
| Q1 26 | — | $391.3M | ||
| Q4 25 | — | $392.8M | ||
| Q3 25 | — | $387.1M | ||
| Q2 25 | — | $394.1M | ||
| Q1 25 | — | $409.2M | ||
| Q4 24 | — | $403.9M | ||
| Q3 24 | — | $399.0M | ||
| Q2 24 | — | $436.8M |
| Q1 26 | — | $26.3M | ||
| Q4 25 | $3.6B | $-24.6M | ||
| Q3 25 | $3.5B | $-27.9M | ||
| Q2 25 | $3.1B | $-29.3M | ||
| Q1 25 | $3.0B | $-52.4M | ||
| Q4 24 | $3.0B | $-43.2M | ||
| Q3 24 | $3.0B | $-77.0M | ||
| Q2 24 | $2.9B | $-101.9M |
| Q1 26 | — | $806.6M | ||
| Q4 25 | $24.9B | $797.4M | ||
| Q3 25 | $25.0B | $787.7M | ||
| Q2 25 | $20.0B | $770.7M | ||
| Q1 25 | $19.9B | $802.3M | ||
| Q4 24 | $19.4B | $814.0M | ||
| Q3 24 | $19.4B | $867.3M | ||
| Q2 24 | $19.4B | $876.1M |
| Q1 26 | — | 14.87× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $78.9M | — |
| Free Cash FlowOCF − Capex | $75.5M | — |
| FCF MarginFCF / Revenue | 35.5% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $1.2M | ||
| Q3 25 | $52.2M | $40.8M | ||
| Q2 25 | $106.7M | $35.6M | ||
| Q1 25 | $13.3M | $-11.2M | ||
| Q4 24 | $42.9M | $-26.6M | ||
| Q3 24 | $70.2M | $12.4M | ||
| Q2 24 | $65.6M | $-26.0M |
| Q1 26 | — | — | ||
| Q4 25 | $75.5M | $1.1M | ||
| Q3 25 | $49.7M | $40.7M | ||
| Q2 25 | $102.5M | $35.4M | ||
| Q1 25 | $11.3M | $-11.2M | ||
| Q4 24 | $36.5M | $-26.8M | ||
| Q3 24 | $64.4M | $12.2M | ||
| Q2 24 | $61.9M | $-26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | 1.0% | ||
| Q3 25 | 24.4% | 35.4% | ||
| Q2 25 | 69.5% | 33.0% | ||
| Q1 25 | 7.8% | -13.3% | ||
| Q4 24 | 25.2% | -35.6% | ||
| Q3 24 | 45.4% | 15.7% | ||
| Q2 24 | 44.9% | -34.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 0.1% | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 2.9% | 0.2% | ||
| Q1 25 | 1.4% | 0.1% | ||
| Q4 24 | 4.4% | 0.3% | ||
| Q3 24 | 4.1% | 0.3% | ||
| Q2 24 | 2.7% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | 13.79× | ||
| Q1 25 | 0.30× | -1.33× | ||
| Q4 24 | 0.86× | -0.87× | ||
| Q3 24 | 1.64× | 0.86× | ||
| Q2 24 | 1.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
